IMF to give Nepal Rs. 5.59 bn under Extended Credit Facility

Kathmandu, June 7: A mission from the International Monetary Fund (IMF) met with Finance Minister Barsaman Pun at the ministry in Singha Durbar on Thursday. 

The mission, led by Dr. Tidiane Kinda, Deputy Division Chief of the Asia-Pacific Division and Resident Representative for Nepal, discussed the provision of the fourth instalment of the Extended Credit Facility (ECF) to Nepal. 

The IMF Executive Board had decided to provide concessional loans of USD 398.8 million to Nepal under the ECF within four years during the COVID-19 pandemic in January 2022. 

Among these, the third installment has already been disbursed, and the remaining fourth instalment of  5.59 billion rupees is yet to be provided.

Before disbursing each installment of the ECF, the IMF reviews the previous commitments. The mission has come to Nepal for such a review. 

In the meeting, Minister Pun said that Nepal prioritises economic stability, good governance, and financial discipline. He also thanked the IMF for its continuous support for improving Nepal’s economy and ensuring economic stability.

During the meeting with Minister Pun, Dr. Kinda informed that the IMF Executive Board was  in the final stages of completing the review of the ECF and that the remaining amount would  be disbursed soon. 

He also praised Nepal for making good progress in improving fiscal and monetary policies and maintaining financial discipline.

The IMF has been providing financial assistance to various countries through the ECF fund to support structural and policy reforms, medium-term payment balance, internal revenue mobilisation, public investment management, and reducing financial risks. 

Nepal has been using the funds received under the ECF as budgetary support.

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